Amman – Raed Sobeih

The economic expert, Muhammad Al-Bashir, said in statements to Al-Bawsala: “The crisis of the war that erupted between Russia and Ukraine will affect Jordan, despite the fact that the trade balance between Jordan and Ukraine is modest,” explaining that any global crises affect the global economy, especially the economies of third world countries. .

Al-Bashir stressed, “The tension that is taking place today is an international tension and is not just a war between two countries. Unfortunately, the free global financial system is harmful,” stressing that “those who seize occasions and opportunities affect in one way or another the economies of the world, and the most affected are the third world countries with modest economies.” .

He pointed out that “the direct effect is the significant rise in oil prices and their repercussions on our imports and oil derivatives, even though they are high without this medium, given the taxes that the government takes.”

He pointed out that “there is a trade exchange between Jordan and Ukraine for more than one commodity and more than one market, but in the end it will have an effect, but its size is linked to the development and continuity of the crisis.”

Al-Bashir said: The balance of trade between us and Ukraine is modest, but one of the options for wheat for Jordan is Ukraine, in addition to other commodities, in addition to the fact that we export vegetables and other things to Ukraine.

He expressed his hope that the Jordanian market would not be affected greatly if the crisis continued and developed, and the very large effects it would have on the interconnected global economy, noting that the economies most affected by crises are the economies of the third world, especially the economies with high prices, and Jordan is one of the high economies due to taxes. Energy bill and bank interest.

Will the government back down from fixing the prices of oil derivatives?

In his question about the possibility of the government retracting from fixing the prices of oil derivatives for the next month, Al-Bashir said, “The government may find a hundred justifications to withdraw from fixing prices for oil derivatives,” stressing at the same time that it has no right to do so, especially since linking oil derivatives to monthly prices is a great injustice. Originally for Jordanians.

Al-Bashir explained, “It is understood by everyone that there are contracts to which the refinery is linked, and the story of linking us to daily and monthly prices is illogical, and the evidence for this is that prices change daily, so why are they linked monthly in the first place?”

He noted that “the government is the one who plays us with the story of oil derivatives prices, and thanks for freezing oil derivatives prices for two months, but a real review of these prices is required.”

Al-Bashir continued: “As a result, the government neither the previous governments nor the current government provided a balance or a final account for the quantities of our oil imports and their real cost, so prices are still very high compared to all countries of the world.”

Prices are burning in the world

Oil prices jumped in early trading Thursday, more than 4 percent, and Brent crude futures rose to more than $101 a barrel, for the first time since 2014.

Meanwhile, NYMEX crude futures for April delivery rose 4.46% to $96.21 a barrel.

Gold prices jumped at $1,943 an ounce, its highest level in a year.

Natural gas futures rose nearly 5 percent, amid the Ukraine war, which added to concerns in energy markets.

Russia is the second largest oil producer and the largest gas producer and exporter in the world.

The futures contracts for natural gas prices for delivery next March rose 4.88 percent, after closing yesterday’s trading at 4.62 percent.

As for the dollar, its index rose 0.39 percent.

(compass)